Published on October 20, 2025

Beyond the Portfolio Podcast: U.S.- Canada Trade Relations

In this episode, recorded 10-20-2025. Host Mike Miranda, Head of Investments for BMO Private Wealth North America, sits down with Aaron Goertzen, Senior Economist at BMO, to examine the escalating challenges facing the U.S.- Canada trading relationship amid rising tariffs and the upcoming USMCA review

Written by Michael Miranda, CFA®

Navigating Tariffs and the USMCA Review

Host Mike Miranda, Head of Investments for BMO Private Wealth North America, sits down with Aaron Goertzen, Senior Economist at BMO, to examine the escalating challenges facing the U.S.-Canada trading relationship amid rising tariffs and the upcoming USMCA review. They explore three potential scenarios ranging from a muddle-through outcome with moderate growth impacts to a continental divide that could trigger recession in Canada. Aaron identifies the industries and regions most exposed to trade disruptions, including Canadian manufacturing sectors that derive nearly half their revenue from U.S. sales, and U.S. border states heavily dependent on Canadian trade. Despite these risks, the conversation highlights how the USMCA review presents an opportunity to strengthen bilateral ties through reduced trade barriers, improved labor mobility, and long-term certainty that would benefit both economies.

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